C4 Therapeutics (NASDAQ:CCCC) Rating Lowered to "Sell" at Wall Street Zen

Key Points

• Wall Street Zen downgraded C4 Therapeutics from “hold” to “sell.” Despite the downgrade, MarketBeat’s analyst consensus remained “Moderate Buy,” with a $8.50 average price target.
• Analyst views were mixed: five rated the stock Buy, one Hold, and one Sell. Recent target changes included Guggenheim lowering its target from $7 to $6, while JPMorgan set a $10 target and Lake Street set an $11 target.
• C4 Therapeutics reported quarterly EPS of -$0.16, beating estimates of -$0.19, while revenue of $8.47 million slightly missed the $8.52 million consensus.

C4 Therapeutics (NASDAQ:CCCC - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a note issued to investors on Saturday, Wall Street Zen reports.

A number of other analysts have also recently weighed in on the company. Weiss Ratings reiterated a "sell (d-)" rating on shares of C4 Therapeutics in a research report on Thursday, October 15th. Guggenheim cut their price target on C4 Therapeutics from $7.00 to $6.00 and set a "buy" rating for the company in a research note on Friday. JPMorgan Chase & Co. initiated coverage on C4 Therapeutics in a report on Friday, October 9th. They issued an "overweight" rating and a $10.00 target price for the company. Lake Street Capital initiated coverage on shares of C4 Therapeutics in a research note on Wednesday, October 28th. They issued a "buy" rating and a $11.00 target price on the stock. Finally, Evercore lowered C4 Therapeutics from a "strong-buy" rating to a "hold" rating in a research note on Monday, November 2nd. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $8.50.

C4 Therapeutics Price Performance

CCCC stock opened at $3.10 on Friday. C4 Therapeutics has a 1 year low of $1.69 and a 1 year high of $5.17. The company has a 50 day simple moving average of $3.22 and a 200 day simple moving average of $3.22. The stock has a market cap of $381.39 million, a price-to-earnings ratio of -4.31 and a beta of 3.16.

C4 Therapeutics (NASDAQ:CCCC - Get Free Report) last posted its earnings results on Thursday, November 5th. The company reported ($0.16) EPS for the quarter, topping analysts' consensus estimates of ($0.19) by $0.03. The business had revenue of $8.47 million during the quarter, compared to the consensus estimate of $8.52 million. C4 Therapeutics had a negative net margin of 289.44% and a negative return on equity of 45.45%. On average, equities research analysts anticipate that C4 Therapeutics will post -0.81 EPS for the current fiscal year.

Institutional Investors Weigh In On C4 Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Wasatch Advisors LP boosted its stake in C4 Therapeutics by 18.9% in the second quarter. Wasatch Advisors LP now owns 3,522,644 shares of the company's stock valued at $16,451,000 after acquiring an additional 560,883 shares in the last quarter. Candriam S.C.A. grew its stake in shares of C4 Therapeutics by 53.6% in the third quarter. Candriam S.C.A. now owns 2,760,346 shares of the company's stock valued at $9,226,000 after acquiring an additional 963,409 shares in the last quarter. Renaissance Technologies LLC lifted its stake in C4 Therapeutics by 53.6% in the first quarter. Renaissance Technologies LLC now owns 2,461,815 shares of the company's stock valued at $6,475,000 after buying an additional 859,235 shares during the period. Congress Asset Management Co. grew its position in C4 Therapeutics by 25.2% in the third quarter. Congress Asset Management Co. now owns 1,256,692 shares of the company's stock worth $4,185,000 after acquiring an additional 253,255 shares in the last quarter. Finally, Velan Capital Investment Management LP bought a new position in C4 Therapeutics during the 2nd quarter valued at about $2,662,000. Hedge funds and other institutional investors own 78.81% of the company's stock.

About C4 Therapeutics

C4 Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing medicines that selectively eliminate disease-causing proteins. The company uses its proprietary TORPEDO platform to design targeted protein degraders, which are intended to direct specific proteins to the cell's natural disposal system rather than simply blocking their activity.

C4 Therapeutics has concentrated its research and development efforts primarily on oncology, including programs aimed at genetically defined cancers and difficult-to-treat tumors.

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